"Semel's clamoring for a platform so he can get back into the spotlight"

Peter Lauria in the New York Post says that former Yahoo CEO Terry Semel is trying to put together a bid for IMG. Thanks to reader John for this.

One of these sources said Semel recently sat down with Forstmann and his bankers at Goldman Sachs, who have been working with IMG on various initiatives since last summer, to gauge their interest.

Earlier this year, Semel and a few Yahoo! defectors launched Windsor Media Capital with what one source described as "significant financial support from large investors."

Sources said Semel thinks he can transform IMG - which has a sports, entertainment, and media division and serves clients Tiger Woods, Gisele Bundchen and "The View" co-host Elisabeth Hasselbeck - into a media and content company and also bolster its digital operation.

You know when I think of IMG, those are the two names I associate alongside Tiger's.

For Semel, the pursuit of IMG could help repair a reputation that tarnished during his years as Yahoo! CEO. Indeed, many Yahoo! insiders quietly blame Semel for making the Web giant vulnerable to Microsoft's current takeover attempts.

"Semel's clamoring for a platform so he can get back into the spotlight," said one source, referring to his low profile since he left Yahoo! last year.

Aren't we all clamoring for a platform?

Sources said there are two main obstacles to an IMG deal: price and Forstmann's infatuation with the business.

People close to IMG say Forstmann sees the agency as a "play toy" that allows him to rub elbows with celebrities.

And to have them caddy for him.

They said it would take a rich offer - north of $3 billion - to entice him to sell.

Sources were unanimous, however, in saying $3 billion is a "very aggressive price," especially considering the low margins on the sports side of the business. They said a more realistic price would be less than $2 billion.

However, despite Forstmann's reluctance to sell, he may face investor pressure to do something with IMG.

Sources said investors in the Forstmann Little fund that acquired IMG four years ago for $750 million are pushing for some kind of a deal. However, other sources denied that was the case, likening the prized agency to the fund's purchase of Gulfstream, which was held for a decade.

Now, if I bought a Gulfstream for $750 million with someone else's money and those people knew they could get $2 billion for it, I'm sure they'll pass!